{"F": {"ts_code": "603719.SH", "name": "良品铺子", "mkt": "CN", "ccy": "元", "sw1": "食品饮料", "sw2": "休闲食品", "sw3": "零食", "ind": "休闲食品", "fin_source": "tushare", "market": "主板", "list_date": "20200224", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 9.65, "pe_ttm": null, "pb": 2.0104, "dv_ttm": 2.5999, "total_mv": 384053.981, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [30.5, 26.8, 27.6, 27.7, 26.1, 24.8], "rev_series": [78.9, 93.2, 94.4, 80.5, 71.6, 54.9], "np_series": [3.4, 2.8, 3.4, 1.8, -0.5, -1.5], "roe_series": [19.6, 13.3, 14.8, 7.4, -1.9, -7.0], "period": "20260630", "rev_ttm": 58.0, "np_ttm": -0.4, "ocf_ttm": 2.0, "fcf_ttm": 1.5, "fcf_yield": 4.0, "ocf_yield": 5.2, "gm_median": 26.8, "gm_std": 1.1, "gm_stab": 0.96, "gm_chg_2022": -2.9, "npm_median": 2.2, "roe_median": 7.4, "commodity": false, "hard_ratio": 18.4, "fix_assets": 5.7, "goodwill_ratio": 0.0, "pb_calc": 2.01, "capex_dep": 0.64, "interest_debt": 1.5, "debt_ebitda": 0.5, "debt_ratio": 38.7, "debt_mv": 3.9, "payout": 50.0, "div_years": 5, "rev_cagr3": -16.6, "np_cagr3": null, "rev_yoy": 11.2, "np_yoy": 117.3, "np_vol": 85.5, "loss_years": 2, "far_share": 100, "earn_yield": null, "consensus_n": 2, "fwd_pe": 68.9, "fwd_pe2": 42.6, "fwd_g1": null, "fwd_g2": 62.0, "peg": 1.11, "consensus_disp": null, "mainbz": [["产品", 50.0], ["主营业务", 49.0], ["其他业务", 1.0]], "ret_prev_year": -16.4, "ret_prev2_year": -33.4, "ret_ytd": -15.8, "ret_pivot": 1.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.0, "ret_60": 5.1, "ret_120": -6.9, "ret_250": -29.6, "mdd_250": -40.0, "vol_250": 30.1, "pos_52w": 70.7}, "S": {"duration": 100, "pricing": 52, "hard": 29, "bondness": 55}, "label": "亏损或困境", "tags": ["近5年≥2年亏损"], "text": {"像什么": ["TTM 归母净利 -0.4 亿,近 5 年亏损 2 年;PE 为负,估值指标失真。", "资产负债率 39%,有息负债 2 亿,经营现金流/市值 5.2%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "两条都不占:固定资产占比 18%,毛利率近 5 年中位 26.8%。", "加息期怎么走": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 4.0%(经营现金流/市值 5.2%)。一般。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 26.8%,稳定度 96%,2020→2022 成本通胀期毛利率变化 -2.9 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 18%,资本开支/折旧 0.64 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 -30%,最大回撤 -40%,年化波动 30%,现价在 52 周高点的 71%;近 20 / 60 / 120 日 -2% / 5% / -7%。", "行业对照": ["同申万二级「休闲食品」22 家中位:PE 21.1 / 股息率 2.9% / 毛利率 29.5% / 固定资产占比 31% / 分红率 67%。", "良品铺子:PE ;股息率 比行业中位低 0.3个百分点;毛利率 比行业中位低 2.7个百分点;固定资产占比 比行业中位低 12.5个百分点。"]}}